Citigroup to Slash Jobs!

The Wall Street Journal has reported that Citigroup (C) CEO Charles Prince is set to unveil plans on Wednesday to eliminate or reassign more than 26,000 jobs, or about 8% of the work force, as part of a broad effort to streamline the bank’s global operations and get its costs under control.

Citigroup’s consumer and investment banking businesses are expected to face the most severe cuts, but the paper reported that across the company, legal and compliance departments are being heavily scrutinized, according to people who have been briefed on the plans.

Citigroup is planning major upgrades to its technology systems and is looking for ways to use its real estate more efficiently.

Besides job cuts, Citigroup is also planning to relocate thousands more to cheaper places, including India and several smaller U.S. cities.

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